By Robert Freedman, Senior Editor, REALTOR® Magazine
Since taking effect on May 1, the Home Valuation Code of Conduct (HVCC) has been a source of considerable concern among NAR members, both sales professionals and appraisers. The new rules were forged in an agreement between the New York State Attorney General and the two secondary mortgage market companies, Fannie Mae and Freddie Mac. The two companies’ federal regulator, the Federal Housing Finance Agency, weighed in on the agreement, too.
By now the main concern is widely known. The rules create a hard firewall between those who underwrite loans and those who hire appraisers. So, many lenders, even though they can hire appraisers themselves if they put appropriate safeguards in place, are choosing to work with appraisal management companies (AMCs) to select appraisers. Continue reading »
By Katherine Tarbox, Senior Editor, REALTOR® Magazine
I recently read an article in the New York Times about John Burger, a practitioner with Brown Harris Stevens in New York, who offered to sell Bernie Madoff’s penthouse (list price: about $7,000,000). Here’s the most interesting part: Burger planned to donate his commission check, which could have been as high as $400,000, to the fund for victims of Madoff’s infamous Ponzi scheme
Ultimately, the government rejected his offer because standard policy prohibits them from accepting pro bono work. Not a bad idea, though: Burger comes across as a generous practitioner and generates some good publicity from it.
I’m working on a story for the November/December issue on practitioners donating their services. Have you ever done this? What successes have you had working pro bono? I’d love to hear your stories at ktarbox@realtors.org.
By Robert Freedman, Senior Editor, REALTOR® Magazine
Starting tomorrow, July 30, you could see transactions slowed as lenders try to navigate changes to rules (“Reg. Z”) on consumer disclosures under the Truth in Lending Act (TILA). By being aware of new time pressures lenders are under, you can help your clients understand what’s going on if transactions you’re working on get delayed prior to closing.
Here’s what’s happening under these “Reg. Z” changes: Continue reading »
By Robert Freedman, Senior Editor, REALTOR® Magazine
Much of what NAR gets involved in at the federal level is high-profile, like protecting the mortgage interest deduction, but the association on a daily basis is involved in initiatives that fly below the radar yet pack a big punch.
A new loan program from the Small Business Administration is a case in point. Although the association didn’t have a hand in the introduction of ARC loans–the “ARC” stands for America’s Recovery Capital–it’s been engaging with SBA leadership on who should be eligible for these loans.
If you haven’t heard about these loans yet, it’s worth your time to check them out. I posed questions about these and other SBA loans to Scott Rinn, NAR’s senior policy analyst on business issues, and you might find what he said useful.
By Katherine Tarbox, Senior Editor, REALTOR® Magazine
Daniel Shapiro
As the founder and director of
Harvard’s International Negotiation Initiative, Daniel Shapiro has had his hand in numerous discussions between dignitaries, terrorists, lawyers, business leaders, and even real estate practitioners. Shapiro, a trained psychologist, has embarked on a new field of study in trying to understand emotions as they pertain to negotiating. As a world-renowned academic, he travels across the globe teaching his ideas. Yesterday, he presented “Capturing the Power of Negotiation” at Northwestern University.
Shapiro argues that there are hundreds of emotions, and it’s often difficult to focus in on one when trying to come to a resolution. Instead, he believes one should focus on five core concerns: Continue reading »
By Robert Freedman, Senior Editor, REALTOR® Magazine
As you would imagine with any federal bill dealing with energy issues, NAR members have taken considerable interest in climate change legislation that passed the House late last month. It’s called the American Clean Energy and Security Act, H.R. 2454.
Although NAR lobbied extensively on the bill, the association’s focus was entirely on a narrow group of provisions that directly impact real estate. The association never took a position on the overall legislation, which is almost 1,500 pages long and gets into issues that are far outside the scope of real estate.
What’s significant about the legislation, from NAR’s standpoint, is what it doesn’t do. Continue reading »
By Melissa Dittmann Tracey, Multimedia Producer, REALTOR® Magazine
NAR has unveiled a new TV ad that spotlights the $8,000 first-time homebuyer tax credit. The new ad, “Housewarming,” hit the airwaves this week and is available to view and download at REALTOR.org. The ad spot features Uncle Sam presenting a young couple an $8,000 check in their new home and urges buyers to contact a REALTOR®. State and local associations can use the ads in their local markets.
View a behind the scenes look at the making of the commercial below, and then learn more about NAR’s Public Awareness Campaign.
By Brian Summerfield, Online Editor, REALTOR® Magazine
I came across an article recently that talked about the release of Google Chrome, a new operating system (OS) from the tech geniuses at Mountain View, Calif. Now, a free OS from one of the world’s preeminent tech companies might seem like a surefire success, but the author of the piece suggests that it’s nothing to get that excited about.
For those not inclined to read the whole thing, he makes the following points: Continue reading »
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